As the Presidency of the Council of the European Union, Malta, represented the EU at the G20 Finance Ministers meeting that was held in Baden-Baden, Germany, this week. This was a unique opportunity for a Maltese Finance Minister to participate at this meeting.
Convening representatives from the world’s twenty largest economies, the G20 Finance Ministers meeting discussed; the Global Economy and Framework for Growth, a Compact with Africa, International Financial Architecture, International Taxation, Financial Sector Development and Regulation and Global Governance.
Whilst intervening on the Compact with Africa initiative, one of the flagship initiatives of the G20, Prof Edward Scicluna expressed support on behalf of the Presidency of the Council of the E.U.
Minister Scicluna stated that, “This initiative provides a lot of synergy with the objectives of the Maltese Presidency, with respect to migration and the European External Investment Plan, to promote sustainable investment in neighbouring regions such as North Africa and beyond”. He informed the G20 members that, investment in Africa will also be a main theme at the informal meeting of the EU Finance Ministers when they convene in Malta, early next month.
On Global Governance, Minister Scicluna highlighted issues concerning correspondent banks, ultimately resulting in having financial institutions terminating or restricting legitimate business from access to finance.
Minister Scicluna confirmed the strong support that exists at European level for the current system of multilateral economic institutions.
The Ministerial delegation accompanying Minister Scicluna was made up of the Accountant General, Ms Paulanne Mamo, Chief of Staff, Ms Tania Brown, Permanent Representation of Malta Officer Ms Marianne Grima and General Council Secretariat Officer, Mr Jorge Andrade da Silva.